macroafricaintel Daily Brief | 2 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asian stock markets reverse losses on global policy stimulus hopes
  • Australia, Japan fall, US stock futures drop 1%
  • Interbank futures imply rate cuts by Fed, RBA
  • Stocks had worst week since 2008

Oil Markets

  • Oil bounces from multi-year lows as hopes of OPEC+ cut, stimulus offset virus impact
  • Brent up 1.3% at $50.32 a barrel (0105GMT)
  • WTI up 1.1% at $45.23

Precious metals

  • Gold rises as recession fears weigh on risk sentiment
  • Spot gold up 1.2% at $1,602.90/oz. (0104GMT)
  • US gold futures up 1.9% at $1,597.10/oz.

Grains

  • Soybeans inch higher, but pandemic fears cap gains
  • Soybean futures up 0.4% at $8.96-1/4 a bushel (0136GMT)
  • Corn futures up 0.3% at $3.67-3/4 a bushel
  • Wheat futures down 0.1% at $5.23-3/4 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • Nigeria COVID-19 briefing by health minister
  • South Africa’s ruling ANC officials meet over public wage bill
  • South Africa ABSA manufacturing PMI Feb-20 [prev. 45.2]
  • Ghana’s Akufo-Addo Europe (Norway, UK, Switzerland, & Belgium) tour; 22 Feb – 4 Mar
  • Nigeria’s Supreme Court reviews its gubernatorial election judgements on Imo & Zamfara states [Negative; albeit court already signaled disapproval with Bayelsa ruling]

Key African events or data releases over the weekend & early a.m today

  • Nigeria contacts 100 people who may have been exposed to coronavirus patient
  • Angola to bar entry of citizens from virus-hit countries
  • Morocco may postpone sports, cultural events over coronavirus
  • Qatar imposes temporary entrance restriction on visitors from Egypt
  • Guinea-Bissau parliament speaker withdraws claim to presidency
  • US to give Zambia $389 mln grant for AIDS relief
  • Shell’s Bonga oilfield in Nigeria to undergo maintenance – spokesman
  • OPEC coul deepen oil supply cuts with or without Russia – sources
  • Zambia agriculture business launches $81 mln farmer financing scheme
  • Egypt issues new rules on buying treasury stocks in bid to support market
  • Egypt exchange falls 3.6% amid fears of coronavirus spread
  • Sudan fires scores of diplomats allegedly linked to Bashir
  • Guinea-Bissau crisis deepens with two rival presidents and prime ministers
  • US to keep working with Egypt, Ethiopia, Sudan on Blue Nile dam
  • Algeria deports Italian national infected with coronavirus
  • Congo military intelligence chief dies of heart attack, wife says
  • Guinea delays disputed referendum that could extend veteran Conde’s rule
  • Libya – Bombardment intensifies in Tripoli despite truce
  • Guinea delays constitutional referendum due to electoral roll concerns
  • Cape Verde court finds Russians guilty in record cocaine bust
  • Congo civil society groups demand transparency in SOKIMO deal with AJN
  • Italian with coronavirus in Nigeria was not isolated for almost 48 hours
  • Libya’s oil production at 120,568 bpd as of Feb 28 – NOC
  • Nigeria coronavirus patient works as vendor for Lafarge Africa Plc – company statement
  • Africa Oil – Buyers resist high Angolan offer prices
  • South Africa rand closes at 18-mth low, stocks slump amid virus fears
  • Competition court says global banks can be fined in South Africa over alleged rate rigging
  • South Africa’s Tongaat to sell starch business to Barloworld
  • Congo military intelligence chief dies of heart attack, wife says
  • Clashes break out in Somalia, slowing fight against […] insurgents
  • Kenya Power goes after electricity thieves following profit slump
  • Angola’s Sonangol to begin selling assets in April
  • South Africa’s trade balance swings to deficit in January
  • Nigeria 1-yr naira slides past 400 on forward market after first coronavirus case
  • Nigeria’s first coronavirus case came on flight via Istanbul, went to Ogun state – Lagos health commission
  • Nigeria stocks fall to 2 months low after country records first case of coronavirus
  • Kenya’s high court orders suspension of fligths from China over coronavirus
  • Kenya’s inflation rises to 6.37% y/y in February
  • Nigeria artist turns plastic waste into fashion to raise awareness
  • Coronavirus outbreak “getting bigger” after Nigeria case – WHO
  • Nigeria’s first coronavirus case travelled through Lagos before detection – minister
  • South African Airways rescue plan pushed back to end of March
  • Egypt increases usage fee for national gas grid by 29%
  • South Africa’s credit growth in January slows to 5.01% y/y
  • South Africa’s Northam Platinum half-year earnings more than triple
  • Kenya Electricity Generating’s H1 pretax profit rises 4.3%
  • Kenya Power’s H1 pretax profit drops 1.14 bln shillings

N.B. Full stories of above headlines are available on Reuters

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